UK law firm Clifford Chance has submitted draft proposals for legislation to cover Takaful and Sukuk in Oman. The firm had been appointed to set out a legal framework for the Shari’ah-compliant instruments by Omani regulator the Capital Market Authority (CMA).
Abdullah bin Salem al Salmi, executive president of CMA, said the rules covering Takaful will be a completely new set of legislation while amendments will be made to the existing Capital Markets Law to accommodate Islamic debt instruments………………………………………..Full Article: Source